§ Mr. John MorrisTo ask the Secretary of State for Trade and Industry what is the reason for companies having to submit annual accounts to Companies house.
§ Mr. RedwoodThe directors of all limited companies, and certain others, are required by law to provide the Registrar of Companies with copies of their annual accounts. This enables Companies house to make information available to the business community and the public at large, so helping to ensure the development of open and informed markets as well as achieving a fair level of protection for the individual consumer, creditor and shareholders.
§ Mr. John MorrisTo ask the Secretary of State for Trade and Industry (1) what are his Department's criteria for accepting company accounts other than that they are duly signed;
(2) what consideration is given by his Department to auditors' reports accompanying accounts submitted by companies; and whether the same consideration is given for public and private companies;
(3) what efforts are made by his Department to check the authority of company reports submitted according to law to his Department.
§ Mr. RedwoodResponsibility for the content of accounts and directors' reports rests with the directors. Auditors are required to state whether the accounts meet the requirements of the legislation and give a true and fair view. Companies house staff carry out certain checks for completeness, but do not vet the contents in detail except in response to specific complaints.